PRIORITY. Precedence; going before.
He who has the precedency in time has the advantage in right, is the maxim of the law ; not that time, considered barely in itself, can make any such difference, but because, the whole power over a thing be ing secured to one person, this bars all others from obtaining a title to it after wards ; I Fonbl. Eq. 320.
In the payment of debts, the United States is entitled to priority when the debtor is in solvent or dies and leaves an insolvent estate. The priority was declared to extend to cases in which tile insolvent debtor had made a voluntary assignment of all his prop erty, or in which his effects had been at tached as an absconding or absent debtor, on which an act of legal bankruptcy had been committed; 1 Kent 243.
Among common creditors, he who has the oldest lien has the preference,—it being a maxim both of law and equity, qui prior est tempore potior est jure; Berry v. Ins. Co.,
2 Johns.- Ch. (N. Y.) 608. See INSOLVENCY.
But in respect to privileged debts, arising ex contractu, existing against a ship or ves sel under the general admiralty law, the order of priority is most generally that of the inverse order of their creation,—thus reversing the order of priority generally adopted in the courts of common law. The ground of this inversion of the rule is that the services performed at the latest hour are more efficacious in bringing the vessel and her freightage to their final destination. Each foregoing incumbrance is, therefore, actually benefited by means of the succeed ing incumbrance; 16 Bost. Law Rep. 1, 264; 17 id. 421. See MARITIME LIENS; AssErs ; LIEN.